I received my Open Enrollment booklet in the mail and I checked the Benefits Connection website online, but I don't see anywhere how much Chevron's contribution will be for the PPO Option 2 Plan. Can someone tell me what the contribution is for "You + One Adult"?
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Anonymous186201, first clarify your statement or understand what I said. I did not say Chevron contributes 80% (percent) on a retiree. How nice that would be. What I said is Chevron's contribution amount (Dollars) is 80% of the actual negotiated cost of the PPO-Option 2 medical premium. This year, 2015, Chevron's contribution is $865 for an employee and wife (no family). You say the company is contributing $396 towards your medical premiums. I beleive that amount is correct for an employee or retiree only (no spouse or children). I found out through HR this week, the Chevron contribution amounts for 2016 will not change. Keep in mind the contribution is a Dollar amount, not a percentage. The amount is based on PPO-Option 2, and will be equal to 80% of the cost. Of course, there are 4 categories for the medical plan; 1) Employee only, 2) Employee + One Adult, 3) Employee + Children, 4) Employee + Family. Each category has its own cost. The Chevron contribution amounts for each one is 80% of its cost in the PPO-Option 2 plan. HR also said the Chevron medical contribution amount is applied to medical plans for active employees and for retiree plans. The difference between employee plans and retiree plans is the pool size of each. Employee plans enjoy a much lower cost because of the larger pool of participants. The retiree pool is very much smaller, hence the higher premiums. However, in both cases, the same Dollar amount (the Chevron contribution) are the same at 100%. If because of your points, the contribution you are getting is less than 100%, then this increase your net cost even more. Sorry if my post is so long, but I hope I made myself clear.
Chevron does not contibute 80% on a retiree. I pay 1,100 a month. They pay 396.00. I retired with 80 points.
Correct, JoJo Laymon. Chevron Retiree premiums are almost as high as Cobra rates. Even with an 80% Chevron contribution applied toward Chevron medical plans, I was quoted (for me and my wife) approx $1345, $1235 and $870 per month for PPO1, PPO2, and the HDHP respectively. As you can appreciate, the rates for a pre-65 aged retiree is off the charts high. I opted for forego any 2016 Chevron Medical in my Open Enrollment election. Instead, I found a pretty good HMO Plan through Obaacare Marketplace on the www.healthcare.gov site for about $105/month (2015 rate) for a retiree drawing $27,500 income in 2016. The premium will be as high as $157/month if I draw $37,400 income. Anymore than that, the premium goes up slightly, but the annual deductible goes from $0 to $2,500. I understand the annual income threshold fir 2016 will be raised past $37,400. I'll know by how much on Nov 1 during Obamacare Open Enrollment. My only consolation I have with the 80% Chevron contribution I earned, is when I reach 65 years of age, I can count on the Chevron subsidy when I apply for a Chevron Medicare Advantage PPO or HMO. The subsidy will make my medical plan much more affordable.
The 90 points really is nonsense from a healthcare perspective. On average, your out of pocket costs for monthly coverage will double when you retire, if you have 90 points. But guess what, if you don't even have 75 points you can still retire comfortably and get great healthcare coverage elsewhere. The CVX employee health benefit is pretty lame.
If you are working there to get 100% vested for medical you should think again. We all get the big surprise. When you retire they move you to a different plan. 1 person plus spouse will cost you 1,100 a month for PPO option 2. If you are in good health you can buy elsewhere at same cost. My point being you hear all these folks talking about points, hardly worth it.
Well, I can't help anyone who doesn't care about helping themselves. For all others who read this thread, I only can hope to open your eyes (and mind) to the subtleties of your eroding benefits. I certainly hope the information I'm seeking to know is freely available to all. I'm retired and no longer have full access to HR. You employees still do.
Well good luck going to HR with a question like this. I've done it before and they just give you the middle finger.
The ones close to retiring with full benefits will simply get a 2- and be ROMed out.
Having to see it on the W2 tax form sure is the worst case scenario. That would be after-the-fact, wouldn't it? It would be helpful if anyone would lookup the Chevron medical contribution amounts for 2016 for all 4 situations; You Only, You + One Adult, You + Children, and You + Family. Please post it here.
Worst case you'll see it on your W2 next year. It is required to be listed on the W2 now.
Anon184598 makes a good point. It is an important figure to know and it needs to be published. As employees, we concern ourselves in knowing how many more years we need to work to earn our 100% Chevron medical contribution amount. So, if we don't know or care about what the contribution amount is, how are we to know if something has changed in our benefits structure? It seems that one commenter is less concerned about this point and is content with knowing that his premiums only increased a little across the board, as expected for 2016. That's all well and good while working. I wonder if this same person would then realize it is important to know the contribution amount as they enter retirement. After all, what would 100% represent if you are not provided the amount?? Think people!
It may well be a question for HR to explain why Chevron's medical plan contribution is not published (or is less conspicuously available). For many years this Dollar amount was front and center in all Open Enrollment literature. Don't dismiss this figure as unimportant. It is an integral part of our employee benefits. For many years the amount Chevron contributed toward our medical premiums has been equal to 80% of the actual cost of the PPO Option 2 plan. Has that changed? When Chevron no longer publishes their contribution amount without an explanation, one has to question what has changed?
This really is a question for HR if you cannot find it online in the benefits summary.
They did increase premiums across the board for 2016 which was to be expected.
I know this year, 2015, the company is contributing $865 toward a plan an employee and wife only (no family). I'm not sure if I noticed the amount for 2016.